Every entrepreneur needs affordable and efficient software programs to help them run their company, to save time and save money. Read on to learn about four key programs that will ensure the financial success of your small business.
Smaller companies generally have a narrow profit margin, so they need to carefully manage their finances. Small business finances can involve everything from inventory management to product costs and billing cycles. In order to get an accurate picture of your financial health, small business owners should use accounting software programs. These helpful programs allow the users to process and record basic financial transactions such as accounts payable and receivable.
They can also provide insight into which customers are most profitable and which are not by tracking financial history. A popular cloud-based accounting program is called Wave Accounting. It is a free program designed for small businesses with less than 10 employees. Small business owners tend to like these cloud-based programs because they are convenient and accessible from any location or device.
Depending on the business, some small companies will need a highly-functioning documentation suite. After all, business is about presenting clients and the public with written information, whether it is on your website or in a
traditional newspaper. Most business operations need a robust word-processing app for documentation such as invoice and guidelines for employees. More importantly, small businesses rely on spreadsheets to track data, products, inventory, shipments, and expenses.
Almost all businesses use the universally popular Microsoft Office suite, which is a complete package and highly compatible with other systems. Business owners probably aren’t aware that there are free open source suites that include graphic, spreadsheet, presentation, database and word processing applications. OpenOffice has quickly become one of the most popular Office-like software suites available. There are also other options available, such as Zoho and Google Docs, both which uses cloud-computing technology.
Customer Relationship Management Software
Once a small business starts to expand and establish a steady customer base, a customer relationship management program may be a good investment. Tracking a small amount of customer accounts can be handled through a spreadsheet, but as the account numbers increase, so does the need for a comprehensive CRM system. The primary purpose of these programs is to manage financial relationships. CRM programs are popular because they will improve the customer’s experience through centralized information and standardized processes.
CRM programs allow the user to more easily and accurately identify, meet and predict customer’s needs. This is possible because CRM programs integrate a wide range of relevant customer data and functions into a consolidated source. These systems will improve efficiency, such as faster sales pipelines, and product or service marketability, such as accurate consumer behavior reports.
Human Resources Database Software
Small businesses must track large amounts of confidential employee information and maintain compliance with regulations regarding documentation. Therefore, many small businesses use human resources database software to digitally perform all needed HR activities and processes. In addition to HR, many of these software programs also have payroll, accounting, and management functions. HR database software allows the user to run customized reports.
This is helpful for extracting useful employment data and projecting important trends, such as training information or turnover rates. Because these systems are efficient time savers, small business owners will spend less time on menial tasks, such as manual reports, and more time on important matters. Some HR database programs also offer job applicant management functions that allow the users to track resumes and applications.
Every small business should consider investing in the following four programs: CRM, accounting, documentation and HR database software. CRM programs will improve collaboration and accountability. HR database software
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